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Top Mortgage Banks in Nigeria

A mortgage institution is a bank that specializes in mortgage loans, it offers loans to people for the purchase of real estate properties. Most times individuals may not be able to buy houses with their monthly salaries. Also, it may take a long time to save up to buy or build a house. Mortgage banks help by giving real estate investment capital as loans, then collects the payments back installmentally.
Federal Mortgage Bank of Nigeria (FMBN) is the oldest mortgage institution in Nigeria, it was established in 1956, known then as the Nigerian Building Society (NBS), a joint venture of the Commonwealth Development Corporation and the Federal and Eastern Governments of Nigeria. The Bank operates as an effective vehicle for increasing the mobilization of long-term funds, lending volume and expansion of mortgage lending services to all segments of the Nigerian population.
FBN Mortgages Limited is a leading Primary Mortgage Bank (PMB) with focus on delivering the best mortgage banking services and products that typify the dominance of its parent– First Bank in the financial services industry. As a dedicated provider of a wide range of mortgage and real estate financing solution, FBN Mortgages is in a unique position to help customers make those critical steps towards seamless homeownership and real estate development.
Abbey Mortgage Bank Plc is the premier, largest and most profitable, non-aligned Primary Mortgage Bank in Nigeria. It is one of the seven national Primary Mortgage Banks (PMB) licensed by the Central Bank of Nigeria and Federal Mortgage Bank of Nigeria (FMBN). It is also an accredited primary mortgage bank (PMB) for the National Housing Funding (NHF) on-lending facilities. The bank offers different mortgage and investment products, and advisory services to corporate organizations and individuals to empower them to access housing finance. It also facilitates the provision of mortgage and real estate related services to respond to their needs.
Platinum Mortgage Bank Limited was incorporated in 1992 with the Corporate Affairs Commission to provide savings, loans and homes ownership services. It was licensed by the Central Bank of Nigeria and the Federal Mortgage Bank of Nigeria under the CBN Decree 24 of 1991 and FMBN Decree No. 53 of 1989 respectively to provide Mortgage Banking Services in Nigeria. Hitherto known as Platinum Home Investment and Mortgage Limited, PMB Limited was recapitalized into a formidable Primary Mortgage Institution backed by innovative products, services, and requisite professional management.

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Why Rainy Season is the Best time House-hunting in Lagos

There is a saying, ‘when it rains, it pours’, this saying aptly capture the city of aquatic splendor, Lagos. When it rains in Lagos, roads and drainages in different parts of city become flooded, vehicles get stuck, and traffic builds up. Poor drainage in one of the major reasons rain has become a constant menace in Lagos, due to the fact that it is a low-lying area surrounded by a sea of water.
A report by UN-HABITAT’s report, ‘The State of African Cities 2010: Governance, Inequality and Urban Land Markets’, revealed that more than 25 per cent of Africa’s population, of about one billion people, who live within 100 km from the coast will be at risk from sea level rise and coastal flooding over the coming decades due to climate change. Areas such as Lekki, Ajah, Ikoyi, Victoria Island, and Lagos Island are more vulnerable to flooding because they are really close to the Atlantic Ocean.
Real estate agents have also confirmed that rainy season is the best time for house hunting or purchase because it reveals the flaws of the property. It is also important to inspect the area to determine if it becomes flooded during the rainy season or not. It will also help you to know the level of flooding in the area where you plan to live.
• House hunting during the rainy season helps you to find out if the roof of house is leaking or if there are defects in the ceiling. It also helps you to know if quality construction materials used in building the property.
• House hunting during the rainy season helps you as a tenant or investor to know if there is usually power outage whenever it rains. It is a common scenario for lights out to occur whenever it is raining but if the power outage lasts for up to 24 hours then that is a red flag to consider.
• House hunting during the rainy season enables you to find out if the environment is safe and conducive. Flooding often leads to blocked drainages and gutters in some areas which can result in the breeding of mosquitos and other insects within your vicinity. Foul odours can also create a nuisance which will be unhealthy for occupants of the building.
It is advised to always engage a competent professional, preferably a realtor or building surveyor to check out the property for clues and other defects before making any commitment on price.

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